rock-20231102
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 2, 2023 (November 2, 2023)
GIBRALTAR INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware000-2246216-1445150
(State or other jurisdiction of
 incorporation )
(Commission File Number)(IRS Employer Identification No.)
3556 Lake Shore Road
P.O. Box 2028
Buffalo, New York 14219-0228
(Address of principal executive offices) (Zip Code)
(716826-6500
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par value per shareROCKNASDAQ Stock Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.




 
Item 2.02 Results of Operations and Financial Condition
The following information is furnished pursuant to Item 2.02:
On November 2, 2023, Gibraltar Industries, Inc. (the “Company”) issued a news release and will hold a conference call regarding financial results for the three and nine months ended September 30, 2023. A copy of the news release (the “Release”) is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The information in this Form 8-K under the caption Item 2.02, including the Release, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, unless the Company specifically incorporates it by reference in a document filed under the Securities Act or the Exchange Act.

Item 9.01    Financial Statements and Exhibits
    (a)-(c)    Not Applicable
    (d)    Exhibits:
Exhibit No.Description
104Cover Page Interactive Data File (embedded with the Inline XBRL document)
2


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GIBRALTAR INDUSTRIES, INC.
  
Date:November 2, 2023
By:/s/ Jeffrey J. Watorek
Jeffrey J. Watorek
Vice President and Treasurer

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GIBRALTAR ANNOUNCES THIRD QUARTER 2023
FINANCIAL RESULTS

EPS: GAAP up 19%, Adjusted up 23% on Flat Net Sales
Strong Cash Generation on Higher Margins, Working Capital Management
Backlog up 5%, End Market Demand Remains Strong
Raising 2023 EPS; Narrowing 2023 Net Sales Outlook

Buffalo, New York, November 2, 2023 - Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets, today reported its financial results for the three-month period ended September 30, 2023.

“Our focus in 2023 has been to drive quality of earnings through profitability expansion and cash flow improvement, and this has paid off. In the third quarter, on an adjusted basis, operating income increased 19%, EPS increased over 23%, and we generated 23% free cash flow on flat net sales. Our results year to date allow us to increase our earnings and free cash flow guidance and narrow our revenue guide. With order backlog up over 5% versus last year, our fundamentals are solid, and we are positioned for a strong end to the year,” stated Chairman and CEO Bill Bosway.
Third Quarter 2023 Consolidated Results
Three Months Ended September 30,
$Millions, except EPSGAAPAdjusted
20232022Change20232022Change
Net Sales$390.7$391.3(0.2)%$390.0$389.00.3%
Net Income$39.3$34.314.6%$42.5$35.719.0%
Diluted EPS$1.28$1.0818.5%$1.38$1.1223.2%

Net sales were flat, driven by the timing of active projects shifting from the third quarter in project-based businesses, and price management initiatives in the Residential business. These headwinds were positively offset by revenue from recent acquisitions and market participation gains across the business.
GAAP earnings increased to $39.3 million, or $1.28 per share. Adjusted net income increased 19.0% to $42.5 million, or $1.38 per share, and adjusted EPS increased 23.2% driven by solid execution. Free cash flow to net sales of 23.0% compared to 8.6% in the prior year was driven by improved margin performance and working capital management.




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Adjusted measures exclude charges for restructuring initiatives, acquisition-related items, senior leadership transition costs and portfolio management actions, as further described in the appended reconciliation of adjusted financial measures.

Third Quarter Segment Results

Renewables

Three Months Ended September 30,
$MillionsGAAPAdjusted
20232022Change20232022Change
Net Sales$106.4$111.1(4.2)%$106.4$111.1(4.2)%
Operating Income$12.9$14.2(9.2)%$17.7$14.323.8%
Operating Margin12.1%12.8%(70) bps16.7%12.9%380 bps

Net sales were down 4.2% as module supply, local permitting delays, and further delay of the final Inflation Reduction Act tax credit guidelines impacted customer start dates of contracted and active projects in the quarter. New order bookings remained robust with order backlog up 13.3% versus prior year.
Adjusted operating margin increased 380 basis points versus the prior year as the team continued to execute well across the business. Assuming no change in industry dynamics, management expects relatively flat net sales in the fourth quarter, with net sales in the second half accelerating from the first half.

Residential
Three Months Ended September 30,
$MillionsGAAPAdjusted
20232022Change20232022Change
Net Sales$227.7$215.65.6%$227.7$215.65.6%
Operating Income$42.2$35.817.9%$42.8$36.317.9%
Operating Margin18.5%16.6%190 bps18.8%16.8%200 bps




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Net sales increased 5.6% with recent acquisitions adding 8.8%. Organic sales decreased 3.2% driven by price adjustments in response to the downward movement in commodity prices, and 80/20 initiatives targeting less attractive product lines. The company continues to grow participation with new and existing customers in its core products, and through expansion into new regions.
Adjusted operating income improved 17.9% with increased volume, improved alignment of price/cost, implementation of additional 80/20 initiatives, and favorable product line mix. Adjusted operating margin expanded 200 basis points and management expects continued strong performance through year-end.

Agtech
Three Months Ended September 30,
$MillionsGAAPAdjusted
20232022Change20232022Change
Net Sales$31.7$44.2(28.3)%$30.9$41.9(26.3)%
Operating Income$2.1$3.8(44.7)%$1.7$4.5(62.2)%
Operating Margin6.7%8.5%(180) bps5.6%10.7%(510) bps

Net sales on an adjusted basis were down 26.3% as the start of new project construction was delayed within the quarter. New orders continued to accelerate, increasing backlog 9.4% sequentially; the company expects these orders, combined with projects now underway, to drive revenue acceleration in the fourth quarter.
Adjusted operating margin decreased 510 basis points as net sales shifted from the third to the fourth quarter.

Infrastructure

Three Months Ended September 30,
$MillionsGAAPAdjusted
20232022Change20232022Change
Net Sales$25.0$20.422.5%$25.0$20.422.5%
Operating Income$6.4$2.6146.2%$6.4$2.6146.2%
Operating Margin25.6%12.6%1300 bps25.6%12.6%1300 bps




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Net sales and order backlog increased 22.5% and 6.2% respectively driven by solid end market demand and market participation gains, and management expects positive momentum to continue for the remainder of the year.
Operating income increased 146.2% and operating margins improved 1,300 basis points driven by strong execution, 80/20 productivity, supply chain efficiency, and product line mix.
Business Outlook
Mr. Bosway concluded, “Given our results for the first nine months and the momentum we carry into the fourth quarter, we are adjusting our outlook for EPS upward, and narrowing our 2023 net sales outlook. We expect to deliver improved profitability and cash flow.”
Gibraltar is raising its guidance for earnings for the full year 2023. GAAP EPS is now expected to range between $3.51 and $3.71, compared to $2.56 in 2022, and adjusted EPS is now expected to range between $4.05 and $4.15, compared to $3.40 in 2022. The outlook for consolidated net sales narrows to between $1.37 billion and $1.40 billion, compared to $1.38 billion in 2022.
Third Quarter 2023 Conference Call Details
Gibraltar will host a conference call today starting at 9:00 a.m. ET to review its results for the third quarter of 2023. Interested parties may access the webcast through the Investors section of the Company’s website at www.gibraltar1.com, where related presentation materials will also be posted prior to the conference call. The call also may be accessed by dialing (877) 407-3088 or (201) 389-0927. For interested individuals unable to join the live conference call, a webcast replay will be available on the Company’s website for one year.
About Gibraltar
Gibraltar is a leading manufacturer and provider of products and services for the renewable energy, residential, agtech, and infrastructure markets. Gibraltar’s mission, to make life better for people and the planet, is fueled by advancing the disciplines of engineering, science, and technology. Gibraltar is innovating to reshape critical markets in comfortable living, sustainable power, and productive growing throughout North America. For more please visit www.gibraltar1.com.

Forward-Looking Statements

Certain information set forth in this news release, other than historical statements, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on current expectations, estimates, forecasts, and projections about the Company’s business, and management’s beliefs about future operations, results, and financial position. These statements are not guarantees of future performance and are subject to a number of risk factors, uncertainties, and assumptions. Actual events, performance, or results could differ materially from the anticipated events, performance, or results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, among other things, the availability and pricing of our principal raw materials and component parts, supply chain challenges causing project delays and field operations inefficiencies and disruptions, the loss of any key customers, adverse effects of inflation, our ability to continue to improve operating margins, our ability to translate our backlog into net sales, other general economic conditions and conditions in the particular markets in which we operate, changes in spending due to laws and government incentives, such as the



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Infrastructure Investment and Jobs Act, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner, our ability to realize synergies from newly acquired businesses, disruptions to IT systems, the impact of regulation (including the Department of Commerce’s solar panel anti-circumvention investigation and the Uyghur Forced Labor Prevention Act (UFLPA)), rebates, credits and incentives and variations in government spending and our ability to derive expected benefits from restructuring, productivity initiatives, liquidity enhancing actions, and other cost reduction actions.  Before making any investment decisions regarding our company, we strongly advise you to read the section entitled “Risk Factors” in our most recent annual report on Form 10-K which can be accessed under the “SEC Filings” link of the “Investor Info” page of our website at www.Gibraltar1.com. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law or regulation.

Adjusted Financial Measures

To supplement Gibraltar’s consolidated financial statements presented on a GAAP basis, Gibraltar also presented certain adjusted financial measures in this news release and its quarterly conference call, including adjusted net sales, adjusted operating income and margin, adjusted net income, adjusted earnings per share (EPS), free cash flow and adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), each a non-GAAP financial measure. Adjusted net sales reflects the removal of net sales associated with our Processing business, which is in the process of being liquidated. Adjusted net income, operating income and margin exclude special charges consisting of restructuring costs primarily associated with 80/20 simplification or lean initiatives, senior leadership transition costs, acquisition related costs and the operating losses generated by our processing business which is in the process of being liquidated. These special charges are excluded since they may not be considered directly related to the Company’s ongoing business operations. The aforementioned exclusions along with other adjustments to other income below operating profit are excluded from adjusted EPS. Adjusted EBITDA further excludes depreciation, amortization and stock compensation. In evaluating its business, the Company considers and uses these non-GAAP financial measures as supplemental measures of its operating performance. Free cash flow is operating cash flow less capital expenditures and the related margin is free cash flow divided by net sales. The Company believes that the presentation of adjusted measures and free cash flow provides meaningful supplemental data to investors that are indicative of the Company’s core operating results and facilitates comparison of operating results across reporting periods as well as comparison with other companies. Adjusted EBITDA and free cash flow are also useful measures of the Company’s ability to service debt and adjusted EBITDA is one of the measures used for determining the Company’s debt covenant compliance.
Adjustments to the most directly comparable financial measures presented on a GAAP basis are quantified in the reconciliation of adjusted financial measures provided in the supplemental financial schedules that accompany this news release. These adjusted measures should not be viewed as a substitute for the Company’s GAAP results and may be different than adjusted measures used by other companies and the Company’s presentation of non-GAAP financial measures should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items.
Reconciliations of non-GAAP measures related to full-year 2023 guidance have not been provided due to the unreasonable efforts it would take to provide such reconciliations due to the high variability,



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complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations.

Contact:
LHA Investor Relations
Jody Burfening/Carolyn Capaccio
(212) 838-3777
rock@lhai.com








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GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2023202220232022
Net sales$390,744 $391,291 $1,048,925 $1,076,105 
Cost of sales285,360 296,735 769,873 826,434 
Gross profit105,384 94,556 279,052 249,671 
Selling, general, and administrative expense52,194 47,160 153,415 140,941 
Income from operations53,190 47,396 125,637 108,730 
Interest expense417 1,048 3,216 2,189 
Other (income) expense (1,040)363 (1,946)797 
Income before taxes53,813 45,985 124,367 105,744 
Provision for income taxes14,536 11,690 33,268 26,686 
Net income$39,277 $34,295 $91,099 $79,058 
Net earnings per share:
Basic$1.29 $1.08 $2.97 $2.44 
Diluted$1.28 $1.08 $2.96 $2.43 
Weighted average shares outstanding:
Basic30,485 31,707 30,638 32,396 
Diluted30,715 31,812 30,808 32,503 



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GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
September 30,
2023
December 31,
2022
(unaudited)
Assets
Current assets:
Cash and cash equivalents$85,465 $17,608 
Accounts receivable, net of allowance of $4,069 and $3,746, respectively256,400 217,156 
Inventories, net141,008 170,360 
Prepaid expenses and other current assets24,817 18,813 
Total current assets507,690 423,937 
Property, plant, and equipment, net105,537 109,584 
Operating lease assets23,004 26,502 
Goodwill515,344 512,363 
Acquired intangibles134,047 137,526 
Other assets2,424 701 
$1,288,046 $1,210,613 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$160,742 $106,582 
Accrued expenses100,657 73,721 
Billings in excess of cost51,616 35,017 
Total current liabilities313,015 215,320 
Long-term debt— 88,762 
Deferred income taxes47,007 47,088 
Non-current operating lease liabilities16,901 19,041 
Other non-current liabilities21,274 18,303 
Stockholders’ equity:
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding— — 
Common stock, $0.01 par value; authorized 100,000 shares; 34,212 and 34,060 shares issued and outstanding in 2023 and 2022342 340 
Additional paid-in capital330,128 322,873 
Retained earnings719,077 627,978 
Accumulated other comprehensive loss(5,483)(3,432)
Cost of 3,776 and 3,199 common shares held in treasury in 2023 and 2022(154,215)(125,660)
Total stockholders’ equity889,849 822,099 
$1,288,046 $1,210,613 




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GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended
September 30,
 20232022
Cash Flows from Operating Activities
Net income$91,099 $79,058 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization20,574 19,192 
Stock compensation expense7,257 5,889 
Exit activity costs, non-cash572 1,427 
Provision for deferred income taxes179 181 
Other, net2,945 3,620 
Changes in operating assets and liabilities net of effects from acquisitions:
Accounts receivable(44,331)(25,538)
Inventories30,431 (19,840)
Other current assets and other assets(1,426)393 
Accounts payable53,198 (24,756)
Accrued expenses and other non-current liabilities46,158 (1,065)
Net cash provided by operating activities 206,656 38,561 
Cash Flows from Investing Activities
Acquisitions, net of cash acquired(9,863)(51,621)
Purchases of property, plant, and equipment, net(7,976)(15,704)
Net cash used in investing activities(17,839)(67,325)
Cash Flows from Financing Activities
Proceeds from long-term debt50,000 197,800 
Long-term debt payments(141,000)(100,000)
Purchase of common stock at market prices(29,182)(58,125)
Net cash (used in) provided by financing activities(120,182)39,675 
Effect of exchange rate changes on cash(778)(1,841)
Net increase in cash and cash equivalents67,857 9,070 
Cash and cash equivalents at beginning of year17,608 12,849 
Cash and cash equivalents at end of period$85,465 $21,919 



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GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)

Three Months Ended
September 30,2023
As Reported In GAAP StatementsRestructuring ChargesAcquisition Related ItemsPortfolio ManagementAdjusted Financial Measures
Net Sales
Renewables$106,362 $— $— $— $106,362 
Residential227,747 — — — 227,747 
Agtech31,666 — — (780)30,886 
Infrastructure24,969 — — — 24,969 
Consolidated sales390,744 — — (780)389,964 
Income from operations
Renewables12,907 4,385 457 — 17,749 
Residential42,158 676 12 — 42,846 
Agtech2,136 — (399)1,742 
Infrastructure6,386 — — — 6,386 
Segments Income63,587 5,066 469 (399)68,723 
Unallocated corporate expense(10,397)(33)229 72 (10,129)
Consolidated income from operations53,190 5,033 698 (327)58,594 
Interest expense417 — — — 417 
Other (income) expense(1,040)— — 1,241 201 
Income before income taxes53,813 5,033 698 (1,568)57,976 
Provision for income taxes14,536 1,232 175 (450)15,493 
Net income$39,277 $3,801 $523 $(1,118)$42,483 
Net income per share - diluted$1.28 $0.12 $0.02 $(0.04)$1.38 
Operating margin
Renewables12.1 %4.2 %0.4 %— %16.7 %
Residential18.5 %0.3 %— %— %18.8 %
Agtech6.7 %— %— %(1.3)%5.6 %
Infrastructure25.6 %— %— %— %25.6 %
Segments Margin16.3 %1.3 %0.1 %(0.1)%17.6 %
Consolidated13.6 %1.3 %0.2 %(0.1)%15.0 %



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GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)

Three Months Ended
September 30, 2022
As Reported In GAAP StatementsRestructuring & Senior Leadership Transition CostsAcquisition Related ItemsPortfolio ManagementAdjusted Financial Measures
Net Sales
Renewables$111,119 $— $— $— $111,119 
Residential215,592 — — — 215,592 
Agtech44,217 — — (2,326)41,891 
Infrastructure20,363 — — — 20,363 
Consolidated sales391,291 — — (2,326)388,965 
Income from operations
Renewables14,216 (42)126 — 14,300 
Residential35,802 12 476 — 36,290 
Agtech3,777 232 — 481 4,490 
Infrastructure2,572 — — — 2,572 
Segments Income56,367 202 602 481 57,652 
Unallocated corporate expense(8,971)82 522 — (8,367)
Consolidated income from operations47,396 284 1,124 481 49,285 
Interest expense1,048 — — — 1,048 
Other expense363 — — — 363 
Income before income taxes45,985 284 1,124 481 47,874 
Provision for income taxes11,690 74 285 124 12,173 
Net income$34,295 $210 $839 $357 $35,701 
Net income per share - diluted$1.08 $0.01 $0.02 $0.01 $1.12 
Operating margin
Renewables12.8 %— %0.1 %— %12.9 %
Residential16.6 %— %0.2 %— %16.8 %
Agtech8.5 %0.5 %— %1.1 %10.7 %
Infrastructure12.6 %— %— %— %12.6 %
Segments Margin14.4 %0.1 %0.1 %0.1 %14.8 %
Consolidated12.1 %0.1 %0.3 %0.1 %12.7 %




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GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)

Nine Months Ended
September 30, 2023
As Reported In GAAP StatementsRestructuring ChargesAcquisition Related ItemsPortfolio ManagementAdjusted Financial Measures
Net Sales
Renewables$243,026 $— $— $— $243,026 
Residential635,476 — — — 635,476 
Agtech102,546 — — (4,059)98,487 
Infrastructure67,877 — — — 67,877 
Consolidated sales1,048,925 — — (4,059)1,044,866 
Income from operations
Renewables21,084 7,319 637 — 29,040 
Residential115,626 790 12 — 116,428 
Agtech3,349 722 37 4,458 8,566 
Infrastructure14,928 — — — 14,928 
Segments Income154,987 8,831 686 4,458 168,962 
Unallocated corporate expense(29,350)(52)292 96 (29,014)
Consolidated income from operations125,637 8,779 978 4,554 139,948 
Interest expense3,216 — — — 3,216 
Other (income) expense(1,946)— — 2,268 322 
Income before income taxes124,367 8,779 978 2,286 136,410 
Provision for income taxes33,268 2,229 248 140 35,885 
Net income$91,099 $6,550 $730 $2,146 $100,525 
Net income per share - diluted$2.96 $0.21 $0.02 $0.07 $3.26 
Operating margin
Renewables8.7 %3.0 %0.3 %— %11.9 %
Residential18.2 %0.1 %— %— %18.3 %
Agtech3.3 %0.7 %— %4.3 %8.7 %
Infrastructure22.0 %— %— %— %22.0 %
Segments Margin14.8 %0.8 %0.1 %0.4 %16.2 %
Consolidated12.0 %0.8 %0.1 %0.4 %13.4 %




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GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)

Nine Months Ended
September 30, 2022
As Reported In GAAP StatementsRestructuring & Senior Leadership Transition CostsAcquisition Related ItemsPortfolio ManagementAdjusted Financial Measures
Net Sales
Renewables$291,451 $— $— $— $291,451 
Residential595,322 — — — 595,322 
Agtech130,325 — — (6,897)123,428 
Infrastructure59,007 — — — 59,007 
Consolidated sales1,076,105 — — (6,897)1,069,208 
Income from operations
Renewables14,061 2,343 731 — 17,135 
Residential104,901 1,594 476 — 106,971 
Agtech5,350 320 — 4,115 9,785 
Infrastructure6,640 (63)— — 6,577 
Segments Income130,952 4,194 1,207 4,115 140,468 
Unallocated corporate expense(22,222)531 529 — (21,162)
Consolidated income from operations108,730 4,725 1,736 4,115 119,306 
Interest expense2,189 — — — 2,189 
Other expense797 — — 100 897 
Income before income taxes105,744 4,725 1,736 4,015 116,220 
Provision for income taxes26,686 1,177 437 1,003 29,303 
Net income$79,058 $3,548 $1,299 $3,012 $86,917 
Net income per share - diluted$2.43 $0.11 $0.04 $0.09 $2.67 
Operating margin
Renewables4.8 %0.8 %0.3 %— %5.9 %
Residential17.6 %0.2 %0.1 %— %18.0 %
Agtech4.1 %0.2 %— %3.2 %7.9 %
Infrastructure11.3 %(0.1)%— %— %11.1 %
Segments Margin12.2 %0.4 %0.1 %0.4 %13.1 %
Consolidated10.1 %0.4 %0.2 %0.4 %11.2 %



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GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands)
(unaudited)

Three Months Ended
September 30,2023
ConsolidatedRenewablesResidentialAgtechInfrastructure
Net Sales$390,744 $106,362 $227,747 $31,666 $24,969 
Less: Processing Net Sales(780)— — (780)— 
Adjusted Net Sales$389,964 $106,362 $227,747 $30,886 $24,969 
Net Income39,277 
Provision for Income Taxes14,536 
Interest Expense417 
Other Income(1,040)
Operating Profit53,190 12,907 42,158 2,136 6,386 
Adjusted Measures*5,404 4,842 688 (394)— 
Adjusted Operating Profit58,594 17,749 42,846 1,742 6,386 
Adjusted Operating Margin15.0 %16.7 %18.8 %5.6 %25.6 %
Adjusted Other Expense245 — — — — 
Depreciation & Amortization6,909 2,171 2,586 943 783 
Stock Compensation Expense2,201 204 528 (194)109 
Adjusted EBITDA67,459 20,124 45,960 2,491 7,278 
Adjusted EBITDA Margin17.3 %18.9 %20.2 %8.1 %29.1 %
Cash Flow - Operating Activities92,562 
Purchase of PPE, Net(2,692)
Free Cash Flow89,870 
Free Cash Flow - % of Adjusted Net Sales23.0 %
*Adjusted Measures details are presented on the corresponding Reconciliation of Adjusted Financial Measures



https://cdn.kscope.io/1f3e5ecce07498d086fafc45cec480fc-gibraltar_wordmarkxbluexrgba.jpg

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands)
(unaudited)

Three Months Ended
September 30, 2022
ConsolidatedRenewablesResidentialAgtechInfrastructure
Net Sales$391,291 $111,119 $215,592 $44,217 $20,363 
Less: Processing Net Sales(2,326)— — (2,326)— 
Adjusted Net Sales$388,965 $111,119 $215,592 $41,891 $20,363 
Net Income34,295 
Provision for Income Taxes11,690 
Interest Expense1,048 
Other Expense363 
Operating Profit47,396 14,216 35,802 3,777 2,572 
Adjusted Measures*1,889 84 488 713 — 
Adjusted Operating Profit49,285 14,300 36,290 4,490 2,572 
Adjusted Operating Margin12.7 %12.9 %16.8 %10.7 %12.6 %
Adjusted Other Expense364 — — — — 
Depreciation & Amortization6,515 2,088 2,296 1,015 789 
Stock Compensation Expense1,764 296 313 142 55 
Adjusted EBITDA57,200 16,684 38,899 5,647 3,416 
Adjusted EBITDA Margin14.7 %15.0 %18.0 %13.5 %16.8 %
Cash Flow - Operating Activities38,017 
Purchase of PPE, Net(4,502)
Free Cash Flow33,515 
Free Cash Flow - % of Adjusted Net Sales8.6 %
*Adjusted Measures details are presented on the corresponding Reconciliation of Adjusted Financial Measures




https://cdn.kscope.io/1f3e5ecce07498d086fafc45cec480fc-gibraltar_wordmarkxbluexrgba.jpg

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands)
(unaudited)

Nine Months Ended
September 30, 2023
ConsolidatedRenewablesResidentialAgtechInfrastructure
Net Sales$1,048,925 $243,026 $635,476 $102,546 $67,877 
Less: Processing Net Sales(4,059)— — (4,059)— 
Adjusted Net Sales$1,044,866 $243,026 $635,476 $98,487 $67,877 
Net Income91,099 
Provision for Income Taxes33,268 
Interest Expense3,216 
Other Income(1,946)
Operating Profit125,637 21,084 115,626 3,349 14,928 
Adjusted Measures*14,311 7,956 802 5,217 — 
Adjusted Operating Profit139,948 29,040 116,428 8,566 14,928 
Adjusted Operating Margin13.4 %11.9 %18.3 %8.7 %22.0 %
Adjusted Other Expense322 — — — — 
Depreciation & Amortization20,574 6,561 7,542 2,850 2,349 
Stock Compensation Expense7,257 651 1,135 140 212 
Adjusted EBITDA167,457 36,252 125,105 11,556 17,489 
Adjusted EBITDA Margin16.0 %14.9 %19.7 %11.7 %25.8 %
Cash Flow - Operating Activities206,656 
Purchase of PPE, Net(7,976)
Free Cash Flow198,680 
Free Cash Flow - % of Adjusted Net Sales19.0 %
*Adjusted Measures details are presented on the corresponding Reconciliation of Adjusted Financial Measures




https://cdn.kscope.io/1f3e5ecce07498d086fafc45cec480fc-gibraltar_wordmarkxbluexrgba.jpg

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands)
(unaudited)

Nine Months Ended
September 30, 2022
ConsolidatedRenewablesResidentialAgtechInfrastructure
Net Sales$1,076,105 $291,451 $595,322 $130,325 $59,007 
Less: Processing Net Sales(6,897)— — (6,897)— 
Adjusted Net Sales$1,069,208 $291,451 $595,322 $123,428 $59,007 
Net Income79,058 
Provision for Income Taxes26,686 
Interest Expense2,189 
Other Expense797 
Operating Profit108,730 14,061 104,901 5,350 6,640 
Adjusted Measures*10,576 3,074 2,070 4,435 (63)
Adjusted Operating Profit119,306 17,135 106,971 9,785 6,577 
Adjusted Operating Margin11.2 %5.9 %18.0 %7.9 %11.1 %
Adjusted Other Expense888 — — — — 
Depreciation & Amortization19,192 6,344 6,374 3,347 2,364 
Less: Processing Business Depreciation & Amortization(332)— — (332)— 
Adjusted Depreciation & Amortization18,860 6,344 6,374 3,015 2,364 
Stock Compensation Expense5,889 744 745 319 129 
Less: SLT Related Stock Compensation Recovery155 — — — — 
Adjusted Stock Compensation Expense6,044 744 745 319 129 
Adjusted EBITDA143,322 24,223 114,090 13,119 9,070 
Adjusted EBITDA Margin13.4 %8.3 %19.2 %10.6 %15.4 %
Cash Flow - Operating Activities38,561 
Purchase of PPE, Net(15,704)
Free Cash Flow22,857 
Free Cash Flow - % of Adjusted Net Sales2.1 %
*Adjusted Measures details are presented on the corresponding Reconciliation of Adjusted Financial Measures